Ford Credit India gets clearance from Reserve Bank of India

Ford Credit India has received a license from the Reserve Bank India as a non-banking financial company to function in India.The first quarter of next year will see the company planning the initiation of dealer wholesale inventory financing. Post that, Consumer retail financing will follow later in the year.

“We are very pleased to be launching Ford Credit India early in 2015,” said Mark Constable, Managing Director, Ford Credit India. “Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”

Ford Credit India Private Limited is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary, that offers a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world.

The focus is to serve both the domestic and exports markets with the expanded capacity of the company. With an ever expanding sales and service network, Ford now has 304 touch-points spread across 164 cities. India is an important market to Ford, hence, a planned investment of USD 2 Billion in underway. Half of it will be expended on a new manufacturing unit in Sanand, Gujarat, doubling the brand's capacity to 610,000 engines and 440,000 cars per year.

“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” states Nigel Harris, President and Managing Director, Ford India. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”

Source : CarDekho